First Time Home Buyer Loans

USDA Guaranteed Rural Housing Loan

If you need 100% financing, and your credit score is less than ideal, this Guaranteed Rural Housing Loan may be a great option. The USDA mortgage program requires no down payment, and offers a fixed rate mortgage that is USDA-guaranteed for those who qualify. This is designed for borrowers in rural areas who do not have the solid credit needed to qualify for a standard home loan. Also, your closing costs may be included in the loan.

Downpayment Assistance Programs

DPP Program (DownPayment Plus Program) is a down payment second mortgage program that is available to households that have not received a DPP grant to purchase a property within the past five years. The amount offered is up to $6,000. You must be below the 80% Area Median Income (AMI) limits to qualify. This grant is forgiven on a pro rata bases over five years. You must contribute $1,000.

Conventional Loans

While this doesn’t necessarily fall into the first time home buyer’s category, this is our traditional fixed rate mortgage that makes calculating monthly payments easy for those who have been saving for their needed downpayment amount. Fixed-rate mortgages have a constant interest rate and monthly payments that never change, so you will always know what to expect.* If you do not want to see adjustments in your mortgage payments, this is the loan for you. Conventional loans are a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then ARM loans are usually cheaper. *Your escrow payment may go up or down depending on the change of your tax and insurance assessment.